Silence reigns in Iberian rebar market

In the Spanish domestic rebar market, local producers' prices have remained unchanged this week at €585/mt ($772/mt) on actual weight basis for deliveries to customer. However, as Spanish buyers find this price level to be on the high side, transactions may be concluded €20/mt ($26/mt) below the level in question, although prices have not seen any official drop so far. Due to the uncertainty surrounding the European economy and bad weather conditions, buyers in the Iberian Peninsula are still restricting their bookings within the scope of their needs, and so rebar demand remains low.
 
In the meantime, Spanish rebar mills' export offers are standing at €510/mt ($673/mt) FOB, though mills are facing difficulties in finding demand for these offers amid the depressed global economy. On the other hand, Spanish rebar producers' offers to the Portuguese market have remained unchanged as compared to last week at €560/mt ($739/mt) on actual weight basis, for deliveries to customer and for 60-day deferred payments. Nevertheless, no transaction has been heard so far at this price level due to poor demand in Portugal. In addition, spot rebar prices in the Portuguese market are still standing at about €575-580/mt ($759-766/mt) ex-warehouse. However, it is reported that transactions are also being concluded at lower price levels due to the weak domestic rebar demand.
 
On the other hand, while there have not been any new rebar offers from Spain to Algeria, Algerian buyers are reluctant to conclude new bookings for the time being.
 
€1 = $1.32